Steel Dynamics, Inc. $STLD Shares Sold by Drummond Knight Asset Management Pty Ltd

Key Points

• Drummond Knight Asset Management Pty Ltd has reduced its stake in Steel Dynamics, Inc. by 5.9%, now holding 122,288 shares worth approximately $15.3 million.
• Several hedge funds have significantly increased their positions in Steel Dynamics, with Victory Capital Management boosting their stake by 433.1% and GAMMA Investing LLC increasing theirs by an astonishing 18,398.4% during the same period.
• Steel Dynamics reported earnings of $2.01 per share for the last quarter, missing estimates, and announced a quarterly dividend of $0.50 per share, indicating a dividend yield of 1.5%.

Drummond Knight Asset Management Pty Ltd lessened its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 5.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 122,288 shares of the basic materials company's stock after selling 7,712 shares during the quarter. Steel Dynamics makes up approximately 7.7% of Drummond Knight Asset Management Pty Ltd's portfolio, making the stock its 6th largest holding. Drummond Knight Asset Management Pty Ltd owned 0.08% of Steel Dynamics worth $15,296,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of STLD. Price T Rowe Associates Inc. MD boosted its stake in shares of Steel Dynamics by 25.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,066,300 shares of the basic materials company's stock worth $883,854,000 after acquiring an additional 1,437,897 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Steel Dynamics by 433.1% in the 1st quarter. Victory Capital Management Inc. now owns 1,816,525 shares of the basic materials company's stock worth $227,211,000 after purchasing an additional 1,475,767 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Steel Dynamics by 3.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,599,076 shares of the basic materials company's stock worth $200,012,000 after purchasing an additional 52,218 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Steel Dynamics by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,405,666 shares of the basic materials company's stock valued at $175,821,000 after purchasing an additional 30,759 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of Steel Dynamics by 531.0% in the first quarter. Robeco Institutional Asset Management B.V. now owns 1,191,669 shares of the basic materials company's stock valued at $149,054,000 after purchasing an additional 1,002,813 shares during the period. Institutional investors and hedge funds own 82.41% of the company's stock.

Steel Dynamics Stock Performance

NASDAQ:STLD traded down $0.71 during trading hours on Wednesday, hitting $138.96. 530,132 shares of the company traded hands, compared to its average volume of 1,573,933. The company has a current ratio of 3.13, a quick ratio of 1.34 and a debt-to-equity ratio of 0.43. Steel Dynamics, Inc. has a twelve month low of $103.17 and a twelve month high of $155.56. The firm has a 50-day moving average of $129.62 and a 200 day moving average of $128.05. The stock has a market capitalization of $20.46 billion, a price-to-earnings ratio of 20.27, a P/E/G ratio of 1.07 and a beta of 1.40.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.04). The company had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.82 billion. Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%.During the same quarter in the prior year, the business earned $2.72 earnings per share. The business's revenue for the quarter was down 1.5% on a year-over-year basis. On average, analysts forecast that Steel Dynamics, Inc. will post 9.01 EPS for the current year.

Steel Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 1.4%. Steel Dynamics's payout ratio is presently 29.15%.

Analyst Ratings Changes

STLD has been the subject of several recent analyst reports. Wells Fargo & Company upped their price objective on shares of Steel Dynamics from $143.00 to $150.00 and gave the stock an "overweight" rating in a report on Monday. Morgan Stanley boosted their target price on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, JPMorgan Chase & Co. raised their price target on Steel Dynamics from $138.00 to $150.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $149.40.

Insider Transactions at Steel Dynamics

In other Steel Dynamics news, SVP Christopher A. Graham sold 12,000 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total transaction of $1,520,520.00. Following the completion of the transaction, the senior vice president owned 66,738 shares in the company, valued at $8,456,371.98. This trade represents a 15.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.30% of the stock is owned by company insiders.

About Steel Dynamics

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.